China RatingDog Manufacturing PMI

The RatingDog China General Manufacturing PMI, published by S&P Global on 30 September 2026, rose to 52.1 points in September 2026 from 51.5 points in August 2026. The index has now remained above the 50.0 no-change mark for ten consecutive months and reached its highest level in five months.

According to the release, four of the five sub-indices contributed positively to the headline figure, with only stocks of purchases edging lower. Manufacturing output expanded at the fastest pace in five months, driven by rising demand from both domestic and overseas customers. Firms responded by increasing both purchasing activity and workforce numbers.

On the cost side, input price inflation climbed to a four-month high, with metals and oil cited as key drivers. Selling prices rose in September after a marginal decline in August. Survey data were collected between 10 and 22 September 2026.

S&P Global released the RatingDog China General Manufacturing Purchasing Managers' Index (PMI) for August 2026 on September 1, 2026. The index rose to 51.5 from 50.9 in July 2026, reaching a two-month high and marking the ninth consecutive month above the 50.0 no-change mark. This sustained expansion represents the longest upturn in the sector in five years.

New orders increased for a fifteenth consecutive month, the longest growth sequence since 2018, while new export orders posted their fastest rise in six months. Output, total orders, and exports all expanded at a faster pace than in July. Employment, however, was unchanged on the month, and input cost inflation edged slightly higher.

Output prices declined for the first time in 2026, attributed to intensified competition among manufacturers. The survey data were collected between August 12 and 20, 2026, compiled by S&P Global in conjunction with RatingDog.

China's RatingDog General Manufacturing PMI eased to 50.9 in July 2026 from 51.7 in June, marking the eighth consecutive month of expansion above the 50.0 no-change threshold, though the reading was the weakest in four months. The data were compiled by RatingDog and S&P Global from survey responses collected between July 9 and 23, 2026. The current expansion streak is the joint-longest in five years.

The softer headline reflected slower growth in both output and new orders, with each gauge easing to a four-month low. Notably, new export orders returned to expansion for the first time in three months, providing a partial offset to the moderation in domestic demand momentum. All five PMI sub-components made positive contributions for the second consecutive month.

Employment rose for a second straight month at the fastest pace since August 2023, as firms expanded headcount to meet workloads. Input cost inflation slowed to a six-month low, allowing manufacturers to keep output prices broadly unchanged. Stocks of purchased inputs extended their build-up to an eighth consecutive month—the longest such run since 2006–07—while new purchasing activity fell for the first time since November 2025.

The RatingDog China General Manufacturing PMI (formerly the Caixin PMI), compiled by S&P Global, came in at 51.7 in June, edging down from 51.8 in May, according to the July 1 release. The index stayed above the 50 mark that separates expansion from contraction.

Output rose for a seventh consecutive month, although the pace of growth slowed to a three-month low. New orders increased for a thirteenth straight month, while new export orders fell marginally for a second month.

Employment rose for the first time in three months and at the fastest pace since August 2023. The compiler reported that business sentiment softened to its weakest level since January.